To add to what others have already said (well!): my feeling is that you're basically doubling the number of bugs you have to worry about, adding the ones in MonoTouch to the ones already in iPhone OS. Updating for new OS versions will be even more painful than normal. Yuck, all around.
The only compelling case I can see for MonoTouch is organizations that have lots and lots of C# programmers and C# code lying around that they must leverage on iPhone. (The sort of shop that won't even blink at $3500.)
But for anyone starting out from scratch, I really can't see it as worthwhile or wise.
